Are there any benefits to payday advance lending?

There has been much said on both sides of the argument in regards to the relative benefits of payday advance lending, yet the question remains – is there truly any benefit in taking out a instant cash loan?

Providers of instant cash loans will invariably say that the biggest benefit to people looking for money in a hurry is that receiving funds from a payday lender can be very swift.  Most lenders can guarantee borrowers will receive their funds in the same day that their application is approved, and applications have been streamlined to the point where it only takes a few minutes to actually submit one.

However, it is this easy availability that has gotten the payday lending industry into such hot water.  Lenders are accepting applications from borrowers who cannot repay the lending easily, leading to these customers to have to roll over their loans from month to month, generating massive amounts fees from late charges and accrued interest and building up unmanageable levels of debt.

Things are made worse by the fact that many payday lenders will not require a credit check before lending.  This means that consumers already struggling with high debt are only digging themselves deeper with the aid of payday lenders, which industry experts say is irresponsible lending and should not be permitted to continue.

Payday lenders say that it is the responsibility of the borrower, and not their own responsibility, to not take out loans that they cannot repay.  However, the current economic landscape has bred feelings of helplessness and desperation in all too many Brits as a result of jobs losses or wage freezes, and many households in the UK are teetering on the razor’s edge, with individuals often taking drastic steps to keep their heads above water.

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